For the whole cryptocurrency market, both in terms of pricing and general events, the previous week was largely favorable. While the FTX meltdown hangs over the industry, most market players continue to be concerned about the contagion that is spreading.
However, the outlook for bitcoin price quickly turned bearish as the current FUD resulted in the king cryptocurrency consolidating in a tight range between $16,000 and $17,250.
BTC Price Heading To This Level
Veteran trader and analyst Peter Brandt predicted that the price of Bitcoin will fall to $14,000. CTO of Digital Wealth Daniele Bernardi says that the price of bitcoin will fall to $14,500. Although, the analysis by Bernardi is supported by a mathematical examination of computer models built using previous Bitcoin price information.
“Bitcoin is extremely repetitive in cycle, based on halvings that happen more or less every four years, and that cuts rewards for miners. So basically we analyze a lot of quant data related to, And find a larger pattern in these movements.
According to another expert Michael van de Poppe, the price of Bitcoin will reach $10,000. However, if it rises above the $16,800–17,000 area, the price of bitcoin might skyrocket to $18,400. He said that the range for support is $16,250–16,450.
Fundamental sentiment remains bullish: Raul Pal
While the crypto industry is experiencing a strong bearish sentiment, macro expert and former Goldman Sachs executive Raoul Pal says that its fundamentals are still solid. In a recent interview with Impact Theory co-founder and host Tom Billeau, Pal noted that investor negativity is at its highest, but added that the whole thing is a psychological and long-term play.
“If you look at the past cycle, so the 2017 peak to the low in 2019, we lost about 80% of the active wallet addresses. When I look at it now, we’ve lost about 30% because the adoption keeps rising,” said Raoul Pal.
